ISI: Chesapeake Energy More and More Complex

In a research report published today by ISI, Chesapeake Energy's (NYSE: CHK) financial structure and liquidity position have become increasingly complex as of recent.

ISI commented in the report, “But disclosures have narrowed making it even more difficult to determine the true value of the equity. Likewise, we have assembled a list of financial disclosures at the bottom of this note that we think are needed to properly value the equity. The genesis of the creation of a list comes from a combination of frequent difficult to answer investor questions and our own struggles to estimate CHK's true underlying obligations.”

ISI maintains its Underperform rating and $15 PT on Chesapeake Energy, which closed Friday at $25.45.